The United States has announced the removal of export duties on cocoa and some other produce from Nigeria as part of an incentive to boost Nigerian economy.
U.S. President, Joe Biden, disclosed this on Saturday during the inauguration of the 2nd National Working Committee of Cocoa Farmers Association of Nigeria (CFAN).
Biden was represented at the event by a member of U.S. Advisory Council on the Ease of Doing Business in Africa, Franklin Amao. He said the U.S had implemented African Growth and Opportunities Act which allowed products from Nigeria into America on free waybill.
He urged Nigeria to take advantage of the opportunity by investing in cocoa production, processing and exportation to stimulate her economy to prosperity.
President Biden added that American government was working relentlessly towards providing investment funds for Nigeria, noting that he was committed to the nation’s growth and development.
“The U.S. government is dearly interested in seeing more private sectors involved in the U.S. Companies to engage with the Nigeria economy.
“I want Nigerians to be aware of African Growth and Opportunities Acts which allows products coming from Africa into US free. Nigeria should take advantage of this opportunity by investing in cocoa production, processing and exportation to stimulate her economy”, he said.
Speaking at the event, the Ooni of Ife, Oba Adeyeye Ogunwusi, who was represented by the Asanya of Isanya Kingdom, Oba Muraina Adedina, called on the Federal Government of Nigeria to partner CFAN to improve the cocoa industry.
He said that Nigeria, currently the fourth largest cocoa producer in the world, had lived below expectations due to a lack of infrastructures to process cocoa, most of which are exported as raw materials.
Comrade Adeola Adegoke, the CFAN National President, urged President Bola Tinubu to implement radical policies and programmes that would boost investment in the cocoa value chain.